Zenith Bank Plc said on Tuesday its founder and Group Chairman, Jim Ovia, has retired following the expiration of his tenure in line with regulatory guidelines. The lender disclosed the development in a corporate filing to the Nigerian Exchange Ltd. It added that the retirement complies with the Central Bank of Nigeria’s corporate governance rules for commercial banks, which set maximum tenures for non-executive directors and board chairmen.
“Having served the mandatory 12 years as a Non-Executive Director and the Group Chairman, we announce the retirement of Dr Jim Ovia, in compliance with regulatory provisions,” the bank said.
Zenith Bank praised Ovia’s tenure, saying he provided strong leadership, strategic direction and effective oversight, while strengthening the group’s market position and governance standards.
To ensure continuity, the board approved the appointment of Mustafa Bello as the new chairman at a meeting held on April 27.
The bank said Bello, who joined the board in December 2017 and is its longest-serving director, brings extensive experience in executive and boardroom leadership, as well as corporate governance.
The lender stated that the appointment which has received approval from the Central Bank of Nigeria, is expected to support a seamless leadership transition and sustained growth.